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BKW

SWX:BKW
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BKW
SWX
CHF4B
Market Cap
  1. Home
  2. CH
  3. Utilities
Company description

BKW AG designs, builds, and operates infrastructure to produce and supply energy for businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally. The last earnings update was 68 days ago. More info.


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BKW Share Price and Events
7 Day Returns
1.2%
SWX:BKW
1.7%
Europe Electric Utilities
2.1%
CH Market
1 Year Returns
6.4%
SWX:BKW
10.7%
Europe Electric Utilities
1.3%
CH Market
BKW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
BKW (BKW) 1.2% 0.8% -3.2% 6.4% 58.1% 114.1%
Europe Electric Utilities 1.7% 3% 4% 10.7% 26.2% 0.8%
CH Market 2.1% 0.1% 1.5% 1.3% 12.3% 9.3%
1 Year Return vs Industry and Market
  • BKW underperformed the Electric Utilities industry which returned 10.7% over the past year.
  • BKW outperformed the Market in Switzerland which returned 1.3% over the past year.
Price Volatility
BKW
Industry
5yr Volatility vs Market

Value

 Is BKW undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of BKW to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for BKW.

SWX:BKW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year CH Government Bond Rate 3.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:BKW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.23
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.235 (1 + (1- 18%) (42.23%))
0.542
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (0.8 * 5.96%)
8.04%

Discounted Cash Flow Calculation for SWX:BKW using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for BKW is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SWX:BKW DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 8.04%)
2019 104.77 Analyst x3 96.97
2020 97.50 Analyst x2 83.52
2021 316.70 Analyst x2 251.11
2022 424.18 Est @ 33.94% 311.29
2023 529.12 Est @ 24.74% 359.39
2024 625.94 Est @ 18.3% 393.51
2025 712.27 Est @ 13.79% 414.45
2026 788.04 Est @ 10.64% 424.40
2027 854.46 Est @ 8.43% 425.91
2028 913.26 Est @ 6.88% 421.34
Present value of next 10 years cash flows CHF3,181.88
SWX:BKW DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CHF913.26 × (1 + 3.28%) ÷ (8.04% – 3.28%)
CHF19,781.33
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF19,781.33 ÷ (1 + 8.04%)10
CHF9,126.18
SWX:BKW Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF3,181.88 + CHF9,126.18
CHF12,308.06
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF12,308.06 / 52.73
CHF233.42
SWX:BKW Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF233.42
Current discount Discount to share price of CHF66.80
= -1 x (CHF66.80 - CHF233.42) / CHF233.42
71.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price BKW is available for.
Intrinsic value
>50%
Share price is CHF66.8 vs Future cash flow value of CHF233.42
Current Discount Checks
For BKW to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • BKW's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • BKW's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for BKW's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are BKW's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:BKW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CHF CHF3.56
SWX:BKW Share Price ** SWX (2019-05-22) in CHF CHF66.8
Europe Electric Utilities Industry PE Ratio Median Figure of 66 Publicly-Listed Electric Utilities Companies 11.81x
Switzerland Market PE Ratio Median Figure of 175 Publicly-Listed Companies 17.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of BKW.

SWX:BKW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:BKW Share Price ÷ EPS (both in CHF)

= 66.8 ÷ 3.56

18.79x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BKW is overvalued based on earnings compared to the Europe Electric Utilities industry average.
  • BKW is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does BKW's expected growth come at a high price?
Raw Data
SWX:BKW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.79x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
13.8%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 32 Publicly-Listed Electric Utilities Companies 1.41x
Switzerland Market PEG Ratio Median Figure of 124 Publicly-Listed Companies 2.24x

*Line of best fit is calculated by linear regression .

SWX:BKW PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.79x ÷ 13.8%

1.36x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BKW is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on BKW's assets?
Raw Data
SWX:BKW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CHF CHF60.66
SWX:BKW Share Price * SWX (2019-05-22) in CHF CHF66.8
Europe Electric Utilities Industry PB Ratio Median Figure of 73 Publicly-Listed Electric Utilities Companies 0.89x
Switzerland Market PB Ratio Median Figure of 212 Publicly-Listed Companies 1.62x
SWX:BKW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:BKW Share Price ÷ Book Value per Share (both in CHF)

= 66.8 ÷ 60.66

1.1x

* Primary Listing of BKW.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BKW is overvalued based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess BKW's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. BKW has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is BKW expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
13.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is BKW expected to grow at an attractive rate?
  • BKW's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
  • BKW's earnings growth is expected to exceed the Switzerland market average.
  • BKW's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:BKW Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:BKW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 13.8%
SWX:BKW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 3.9%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 9.6%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 10.9%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:BKW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:BKW Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 2,933 525 279 5
2020-12-31 2,802 436 250 5
2019-12-31 2,715 385 206 5
SWX:BKW Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2018-12-31 2,600 373 186
2018-09-30 2,520 226
2018-06-30 2,515 381 265
2018-03-31 2,501 437 260
2017-12-31 2,413 493 255
2017-09-30 2,421 279
2017-06-30 2,429 514 302
2017-03-31 2,397 436 307
2016-12-31 2,366 358 312
2016-09-30 2,432 418 295
2016-06-30 2,499 478 277
2016-03-31 2,545 527 277

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • BKW's earnings are expected to grow by 13.8% yearly, however this is not considered high growth (20% yearly).
  • BKW's revenue is expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:BKW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from BKW Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:BKW Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 5.60 6.85 4.22 5.00
2020-12-31 5.01 6.05 4.24 5.00
2019-12-31 4.10 4.88 3.37 5.00
SWX:BKW Past Financials Data
Date (Data in CHF Millions) EPS *
2018-12-31 3.56
2018-09-30 4.32
2018-06-30 5.10
2018-03-31 5.05
2017-12-31 5.00
2017-09-30 5.53
2017-06-30 6.09
2017-03-31 6.25
2016-12-31 6.42
2016-09-30 6.06
2016-06-30 5.71
2016-03-31 5.71

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • BKW is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess BKW's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
BKW has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has BKW performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare BKW's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • BKW has delivered over 20% year on year earnings growth in the past 5 years.
  • BKW's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • BKW's 1-year earnings growth is negative, it can't be compared to the Europe Electric Utilities industry average.
Earnings and Revenue History
BKW's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from BKW Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:BKW Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 2,600.30 186.40 657.60
2018-09-30 2,520.20 225.65 624.25
2018-06-30 2,514.80 264.90 590.90
2018-03-31 2,501.10 260.15 603.90
2017-12-31 2,412.70 255.40 616.90
2017-09-30 2,420.95 278.75 592.30
2017-06-30 2,429.20 302.10 567.70
2017-03-31 2,397.40 307.10 541.10
2016-12-31 2,365.60 312.10 514.50
2016-09-30 2,432.10 294.50 498.05
2016-06-30 2,498.60 276.90 481.60
2016-03-31 2,545.20 276.80 468.75
2015-12-31 2,591.80 276.70 455.90
2015-09-30 2,606.65 296.80 441.10
2015-06-30 2,621.50 316.90 426.30
2015-03-31 2,701.75 302.55 413.05
2014-12-31 2,782.00 288.20 399.80
2014-09-30 2,739.85 27.85 395.00
2014-06-30 2,697.70 -232.50 390.20
2014-03-31 2,655.00 -224.60 386.35
2013-12-31 2,612.30 -216.70 382.50
2013-09-30 2,699.55 -45.00 377.25
2013-06-30 2,786.80 126.70 372.00
2013-03-31 2,789.60 127.55 366.55
2012-12-31 2,792.40 128.40 361.10
2012-09-30 2,669.95 39.65 356.60
2012-06-30 2,573.50 -50.00 352.60

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • BKW has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • BKW used its assets less efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • BKW's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess BKW's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
BKW has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is BKW's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up BKW's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • BKW is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • BKW's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of BKW's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from BKW Company Filings, last reported 4 months ago.

SWX:BKW Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,472.30 1,487.50 1,060.20
2018-09-30 3,472.30 1,487.50 1,060.20
2018-06-30 3,482.10 1,540.30 986.90
2018-03-31 3,482.10 1,540.30 986.90
2017-12-31 3,406.30 1,512.00 1,223.10
2017-09-30 3,406.30 1,512.00 1,223.10
2017-06-30 3,123.10 1,602.20 1,181.30
2017-03-31 3,123.10 1,602.20 1,181.30
2016-12-31 2,940.90 1,605.40 1,247.50
2016-09-30 2,940.90 1,605.40 1,247.50
2016-06-30 2,519.90 1,718.40 1,072.20
2016-03-31 2,519.90 1,718.40 1,072.20
2015-12-31 2,576.00 1,619.50 1,394.40
2015-09-30 2,576.00 1,619.50 1,394.40
2015-06-30 2,384.40 1,664.00 1,229.30
2015-03-31 2,384.40 1,664.00 1,229.30
2014-12-31 2,525.00 1,684.40 1,264.00
2014-09-30 2,525.00 1,684.40 1,264.00
2014-06-30 2,389.90 1,590.10 785.80
2014-03-31 2,389.90 1,590.10 785.80
2013-12-31 2,365.70 1,538.20 797.30
2013-09-30 2,365.70 1,538.20 797.30
2013-06-30 2,628.70 1,383.40 784.20
2013-03-31 2,628.70 1,383.40 784.20
2012-12-31 2,476.60 1,364.20 833.20
2012-09-30 2,723.40 1,324.20 978.50
2012-06-30 2,714.70 1,217.60 718.60
  • BKW's level of debt (42.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (65% vs 42.8% today).
  • Debt is well covered by operating cash flow (25.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.3x coverage).
X
Financial health checks
We assess BKW's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. BKW has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is BKW's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.69%
Current annual income from BKW dividends. Estimated to be 2.82% next year.
If you bought CHF2,000 of BKW shares you are expected to receive CHF54 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • BKW's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (1.96%).
  • BKW's dividend is below the markets top 25% of dividend payers in Switzerland (3.74%).
Upcoming dividend payment

Purchase BKW before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:BKW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 4.5%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 166 Stocks 3.1%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 2%
Switzerland Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:BKW Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.98 5.00
2020-12-31 1.87 5.00
2019-12-31 1.81 5.00
SWX:BKW Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-03-18 1.800 2.716
2018-03-20 1.800 2.746
2017-03-16 1.600 2.816
2016-03-17 1.600 3.535
2015-03-19 1.600 4.402
2015-03-13 1.600 5.146
2014-03-14 1.200 3.909
2013-03-21 1.200 3.963
2013-02-26 1.200 3.891
2012-03-13 1.000 3.107
2012-02-17 1.000 2.753

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, BKW has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but BKW only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of BKW's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.7x coverage).
X
Income/ dividend checks
We assess BKW's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can BKW afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. BKW has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of BKW's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Suzanne Thoma
COMPENSATION CHF2,031,000
AGE 56
TENURE AS CEO 6.3 years
CEO Bio

Dr. Suzanne Thoma, Ph.D., Chemical Engineer ETH, has been the Chief Executive Officer of BKW Energie AG since 2013, Head of Group Management since 2010 and serves as its Member of Executive Board. Dr. Thoma has been the Chief Executive Officer and Head of Group Management at BKW Inc. since January 1, 2013 and 2010 respectively and has been Member of the Executive Board since August 2010. Dr. Thoma has been Head of Group Management at BKW Inc., since January 1, 2013. She served as Acting Head of Operations and Head of Corporate Steering at BKW Inc. She served as Head of Networks Division at BKW Inc. since August 2010 until December 31, 2012. She has been with BKW since 2010. Prior to BKW, she headed the international automotive supply business of WICOR Group in Rapperswil-Jona from 2007 to 2009. From 2002 to 2007, she served as Chief Executive Officer of Rolic Technologies AG. She served for twelve years in management functions at Ciba Spezialitätenchemie AG (now BASF AG), both in Switzerland and abroad. She serves as Chairwoman of Smart Grid Switzerland. She serves as the Chairwoman of BKW subsidiaries, Arnold AG, BKW ISP AG, BKW holdings AEK Energie AG and Youtility AG. She has been a Director of Schaffner Holding AG since January 12, 2012. She served as a Director at UPM-Kymmene Oyj from April 2015 to October 21, 2015. She served as a Director of Swissgrid AG until May 21, 2013. She has a Degree in Chemical Engineering (Dipl. chem.-Ing ETH) and a PhD (Dr. sc. tech.) from the Swiss Federal Institute of Technology (ETH) Zurich.

CEO Compensation
  • Suzanne's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Suzanne's remuneration is about average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the BKW management team in years:

5.5
Average Tenure
56
Average Age
  • The average tenure for the BKW management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Suzanne Thoma

TITLE
Chief Executive Officer & Member of the Group Executive Board
COMPENSATION
CHF2M
AGE
56
TENURE
6.3 yrs

Ronald Trächsel

TITLE
CFO & Member of the Group Executive Board
AGE
59
TENURE
4.8 yrs

Hermann Ineichen

TITLE
Head of Production
AGE
61
TENURE
19.3 yrs

Rahel Parnitzki

TITLE
Head of Business Operations

Antje Kanngiesser

TITLE
Head of the Group Markets & Services division and Member of Executive Board
AGE
44
TENURE
2.3 yrs

Mathias Prüssing

TITLE
Head of the Building Solutions Division & Member of the Executive Board
AGE
51

Martin Schweikert

TITLE
Head of Corporate Communications & Member of the Executive Board
AGE
51

Roland Küpfer

TITLE
Head of Networks & Member of Group Executive Board
AGE
60

Werner Sturm

TITLE
Head of Infra Services Division & Member of the Executive Board
AGE
54

Michael Schüepp

TITLE
Head of Engineering Division & Member of the Executive Board
AGE
56
Board of Directors Tenure

Average tenure and age of the BKW board of directors in years:

1.3
Average Tenure
53
Average Age
  • The average tenure for the BKW board of directors is less than 3 years, this suggests a new board.
Board of Directors

Urs Gasche

TITLE
Chairman of the Board
COMPENSATION
CHF387K
AGE
63
TENURE
8.3 yrs

Hartmut Geldmacher

TITLE
Vice Chairman
COMPENSATION
CHF132K
AGE
63
TENURE
1.3 yrs

Roger Baillod

TITLE
Director
COMPENSATION
CHF91K
AGE
60
TENURE
6 yrs

Kurt Schär

TITLE
Director
COMPENSATION
CHF79K
AGE
53
TENURE
7 yrs

Carole Ackermann

TITLE
Director
COMPENSATION
CHF51K
AGE
48
TENURE
0.8 yrs

Rebecca Flückiger

TITLE
Director
COMPENSATION
CHF43K
AGE
46
TENURE
1 yrs

Andreas Rickenbacher

TITLE
Director
COMPENSATION
CHF54K
AGE
50
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess BKW's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. BKW has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Do Directors Own BKW AG (VTX:BKW) Shares?

Companies that have been privatized tend to have low insider ownership. … Private Company Ownership Our data indicates that Private Companies hold 10%, of the company's shares. … Private companies may also have a strategic interest in the company.

Simply Wall St -

With A 5.8% Return On Equity, Is BKW AG (VTX:BKW) A Quality Stock?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows BKW has a return on equity of 5.8% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should BKW AG’s (VTX:BKW) Weak Investment Returns Worry You?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Is BKW AG's (VTX:BKW) Balance Sheet A Threat To Its Future?

While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Evaluating financial health as part of your investment thesis is. … We'll look at some basic checks that can form a snapshot the company’s financial strength.

Simply Wall St -

Is BKW AG's (VTX:BKW) Stock Available For A Good Price After Accounting For Growth?

BKW AG (VTX:BKW) is considered a high-growth stock, but its last closing price of CHF67.3 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … Investors in BKW have been patiently waiting for the uptick in earnings.

Simply Wall St -

Will BKW AG's (VTX:BKW) Earnings Grow In The Years Ahead?

The latest earnings announcement BKW AG (VTX:BKW) released in December 2018a … showed … company

Simply Wall St -

What Should You Know About BKW AG's (VTX:BKW) Future?

Based on BKW AG's (VTX:BKW) earnings update on 31 December 2018, … with earnings expected to grow by 7.3% in the upcoming year … the higher past 5-year average growth rate of 27%.

Simply Wall St -

What You Must Know About BKW AG's (VTX:BKW) Financial Strength

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as BKW AG (VTX:BKW) with a market-capitalization of CHF3.4b, rarely draw their attention. … Despite this, the two other categories have lagged behind the risk-adjusted returns of commonly ignored mid-cap stocks. … Note that this information is centred entirely on financial health and is a top-level understanding, so I encourage you to look further.

Simply Wall St -

The BKW Share Price Is Up 132% And Shareholders Are Boasting About It

One flawed but reasonable way to assess how sentiment around a company has changed, is to compare the earnings per share (EPS) with the share price. … During five years of share price growth, BKW achieved compound earnings per share (EPS) growth of 14% per year. … This EPS growth is lower than the 18% average annual increase in the share price.

Simply Wall St -

A Look At The Fair Value Of BKW AG (VTX:BKW)

I am going to run you through how I calculated the intrinsic value of BKW AG (VTX:BKW). … by estimating the company's future cash flows and discounting them to their present value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.

Simply Wall St -

Company Info

Description

BKW AG designs, builds, and operates infrastructure to produce and supply energy for businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally. It operates through three segments: Energy, Grid, and Services. The Energy segment builds, operates, and maintains hydroelectric, nuclear, fossil-fuel, and solar power plants, as well as wind farms. It also sells energy, as well as trades in electricity, certificates, and commodities. The Grid segment builds, operates, and maintains distribution grid. The Services segment provides energy services in the fields of energy, infrastructure and environmental projects, integrated services in the area of building technology, as well as the construction, servicing and maintenance of energy, telecommunication, transport, and water networks. The company was founded in 1898 and is headquartered in Bern, Switzerland.

Details
Name: BKW AG
BKW
Exchange: SWX
Founded: 1898
CHF3,522,357,720
52,729,906
Website: http://www.bkw.ch
Address: BKW AG
Viktoriaplatz 2,
Bern,
Bern, 3013,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX BKW Registered Shares SIX Swiss Exchange CH CHF 09. Dec 2011
DB B9W Registered Shares Deutsche Boerse AG DE EUR 09. Dec 2011
LSE 0QQ0 Registered Shares London Stock Exchange GB CHF 09. Dec 2011
BATS-CHIXE BKWZ Registered Shares BATS 'Chi-X Europe' GB CHF 09. Dec 2011
Number of employees
Current staff
Staff numbers
7,300
BKW employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 00:14
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/03/29
Last earnings filing: 2019/03/16
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.